Although sometimes even Suze Orman makes me do that, but I think it's the simplified TV short answers that sometimes leave me saying that's not totally correct but I get it as the simple answer for the masses that don't understand at all.

Re: Misconceptions about Fico and Credit Cards

Liked the video alot. What he says is mostly true. You do need to do the borrowing dances to get the scores. And paying them properly will lead to great scores. But you dont need to pay alot of intrest to get high 700-800 scores.

And I think the score things with 6-9 months is if nothing was showing on your credit report. We know things stick around for 10 years on your credit file. but if you could wipe your past payments and loans and cc off credit report it might go to 0 real fast.

I really liked the video. If he has enough cash to buy home w/o credit, great. If not, the rest of us have to build up our score to get the best rates. My house will be paid off soon, but now I'm thinking of moving to a different place for my retirement. My current home will become a rental so I'll either need to buy another home or rent. Either way, the bank will still be getting my money; either through my landloard or directlly from me.

Current Score: EX 839 EQ 794:TU 792 on 7/4/14; EQ from myfFico on 6-26-14Starting Score: EX 751 EQ 720 TU 737 on 4/9/14Goal Score: 800+ on all three BureausGarden since 11/26/14 -- In the garden until 6/2016

Re: Misconceptions about Fico and Credit Cards

Several flaws in that video. First off, after 6 months, nothing happens. Positive accounts stay on for 10 years. Yes, FICO was invented for the banks and lenders, why would the public need it? The banks are the ones loaning money and need a method to calculate risk.

It doesn't cost $100,000 to have a decent score. Good grief.

If someone has the means to always pay by cash, and then suddenly doesn't, that would be a red flag.

Really. I know Ramsay is sort of the anti-credit guy. But surely he knows better than that! My FICOs are all in the 791-801 range and I've paid maybe $2,000 in interest in the last 10 years. Being a good MyFicoan, I know I could have gotten here while paying zero interest with some patience.

I like some of what he says in general, but he's either surprisingly ignorant about some things or he's lying to make his point.

Really. I know Ramsay is sort of the anti-credit guy. But surely he knows better than that! My FICOs are all in the 791-801 range and I've paid maybe $2,000 in interest in the last 10 years. Being a good MyFicoan, I know I could have gotten here while paying zero interest with some patience.

I like some of what he says in general, but he's either surprisingly ignorant about some things or he's lying to make his point.

You're being too hard on the guy. He's exagerating to make a point & using his own situation as if it were fact. He doesn't have a FICO score, because he hasn't used credit in 20 years so he figures it took 6 months to get to no score. He's wrong, but he's like a lot of radio and talk show hosts who spot their opinions as fact instead of actually investigating to know their subject.

He doesn't realize that he simply doesn't have a score, not that his score is zero. Also, I wonder how correct he is about his own score. When I pulled my credit report, even my overdraft protection shows as available credit. He evidently has a checking account w/o overdraft protection. That guy is as old as I am or older and when we opened checking accounts, overdraft protection was practically automatic (unless you had horible credit).

Current Score: EX 839 EQ 794:TU 792 on 7/4/14; EQ from myfFico on 6-26-14Starting Score: EX 751 EQ 720 TU 737 on 4/9/14Goal Score: 800+ on all three BureausGarden since 11/26/14 -- In the garden until 6/2016

Re: Misconceptions about Fico and Credit Cards

I agree with some stuff he says but if you PIF you never pay any interest and with cashback rewards you will make a little back which most bank/CU debits do not offer. My cu debit does have a rewards type program but most of the products are junk and costs tons of points to get a cheap $5-$20 item. I honestly think he is just bitter because he went bankrupt and now hates all credit and doesn't realize it was his own misuse and wrecklessness that caused it. I would love to pay cash for a house but I don't have 50 years to save for it so i'll happily take a mortgage with small monthly payments.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair
organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or
assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.